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Fairfield Terrace Senior Apartments <br /> Fairfield Terrace, a high density senior rental development, was built with tax increment financing. It is located in <br /> •downtown Lakeville, adjacent to the central business district. The buildings and open areas are well designed and <br /> carefully maintained. <br /> Zoning: R-7 Average Property Taxes: S64 <br /> School District: Lakeville Avg. # Children per Unit: 0.0 <br /> Avg. Market Value: S27,450 Avg. # People per Unit: 1.04 <br /> Average Unit Age: 6 Years <br /> ANALYSIS: <br /> Fairfield Terrace Senior Apartments have a negative fiscal impact for the City. However, without tax increment <br /> financing, these apartments would have a positive fiscal impact. For schools, Fairfield Terrace turns a positive <br /> fiscal impact, regardless of TIF. Police services are primarily medical. Downtown businesses serve the senior <br /> residents. Only the land was included in the TIF, which expires in 20 years. Future senior developments could <br /> utilize the in-place senior center. Operational costs of police and other services are lower than other high density <br /> apartments because the number of residents per unit is significantly lower in senior housing. <br /> IFAIR•IELD TERRACE SENIOR HOUSING <br /> ' -''',4(^:,i,-.:", Annual Operating City School <br /> ' , .. .-,*-.:-'.''.''- .„," ''''7,?,, '''' ',' -."-7`."t <br /> Figures District <br /> C .,•-_.. Expenditures $5, 707 $0 <br /> .,:" ,j i.' .- Revenues <br /> II ', a'1 -1 'I l' =.r, ► Net Impact (2, 125) <br /> •. �... ' t 1 878 <br /> ,- • .<.i '. , Overall Net (1,257) <br /> ,. ..-► -r°~ : <br />